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Devonte’ Graham is headed to New Orleans.

The Pelicans are acquiring Graham in a sign-and-trade with the Charlotte Hornets, sources confirmed to’s All Hornets. Graham is signing a four-year, $47 million deal. In exchange for Graham, the Hornets will receive a lottery-protected 2022 first-round pick from New Orleans.

Graham was a restricted free agent after the Hornets extended a $4.7 million qualifying offer to him prior to Sunday's deadline, something they didn't do with Malik Monk.   

Originally selected in the second round in 2018, Graham carved out a role with the Hornets and quickly burst onto the scene in his second season, posting 18.2 points per game and getting named to the Rising Stars Challenge.

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Graham battled injuries last season, playing in 55 of the shortened-season’s 72 games. He averaged 14.8 points, 5.4 assists and 2.7 rebounds, but his shooting percentages took a dip. He made 37.7 of his attempts, dropping from the 38.2 percent he posted in 63 games in 2019-20.

Graham’s departure leaves the Hornets with roughly $13 million in cap space to use in free agency. It could also be used to absorb salary in a multi-team trade.

The Athletic first reported the deal.